A bill to make more equitable certain provisions relating to unemployment compensation.

Requires continuation of the supplemental unemployment benefits program established under the Tax Equity and Fiscal Responsibility Act of 1982 and an individual's period of eligibility for such benefits until the national seasonally adjusted unemployment rate is less than 8.7 percent.

Provides that specified provisions of the Omnibus Budget Reconciliation Act of 1981 shall not be effective for determining whether there are State "on" or "off" indicators for weeks beginning on or after June 1, 1982, and before the month following the first month thereafter for which the national seasonally adjusted total rate of unemployment is less than 8.7 percent. Requires, for making such determinations, that the insured employment rate for all weeks be calculated in the same manner as it is calculated for the particular week for which the determination is being made.

Amends the Omnibus Budget Reconciliation Act of 1981 to revise the effective date of the change in the State trigger for extended compensation (under the Federal-State Extended Unemployment Compensation Act of 1970)to apply to weeks beginning after the national seasonally adjusted total rate of unemployment is less than 8.7 percent for at least one month occurring after September 1982.

Requires that provisions under the Federal-State Unemployment Compensation Act of 1970 for determining the State trigger, for any week beginning on or after June 1, 1982, and before the month following the first month thereafter for which the national seasonally adjusted total rate of unemployment is less than 8.7 percent, shall be based solely on a State insured unemployment rate of five percent for that week and the immediately preceding 12 weeks (waiving the 120 percent factor).

Provides that a State shall not be deemed out of compliance with specified Internal Revenue Code provisions by reason of a failure to amend its State unemployment compensation law within a specified period to include any requirements imposed by this Act with respect to extended compensation.